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Following are the balances taken from the books of Narain on 31st March, 2023:

Particulars Particulars

Narain’s Capital

Narain’s Drawings

Furniture and Fittings

Bank Overdraft

Creditors

Business Premises

Stock on 1st April, 2022

Debtors

Rent from Tenants

Purchases

3,00,000

50,000

26,000

42,000

1,38,000

2,00,000

2,20,000

1,80,000

10,000

11,00,000

Sales

Sales Return

Discount (Dr.)

Discount (Cr.)

Insurance

General Expenses

Salaries

Commission (Dr.)

Carriage on Purchases

Bad Debts Written off

15,00,000

20,000

16,000

20,000

20,000

40,000

90,000

22,000

18,000

8,000

Additional Information:

(i) Closing Stock as on 31st March, 2023 at cost was ₹ 2,15,600 whereas its net realisable value (Market Value) was ₹ 2,00,600.

(ii) Depreciate: Business Premises by ₹ 3,000 and Furniture and Fittings by ₹ 2,500.

(iii) Make a provision of 5% on debtors for doubtful debts.

(iv) Carry forward ₹ 2,000 for unexpired insurance.

(v) Outstanding salary was ₹ 15,000.

Parepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date.

Anurag Pathak Changed status to publish October 26, 2023